Renovated 108-Unit Apartment
3909 Hubbell Avenue Des Moines, IA 50317
For Sale
Contact for pricing
108-unit multifamily portfolio with 64% renovated two-bedroom units and approximately 96% current occupancy.
Property Size89,440 SF
Price / SF$103.42
Days on Market81
Property Features for 3909 Hubbell Avenue
General Information
- Standard status
- Active
- Size
- 89,440 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1978
Listing Agency:
Marcus & Millichap - Minneapolis
Listed By:
Jon Ruzicka · License #B63379000
Source:
Crexi
Added: May 5
Changed: Jul 22
Last Checked: Jul 23 at 3:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Minneapolis
Investment Insights
Based on property information with market context.
Cypress I & II is a 108-unit multifamily apartment portfolio constructed in 1978–1979. The properties comprise almost entirely spacious two-bedroom units, with an average unit size of approximately 860 square feet. Current operations reflect strong leasing performance, with approximately 96% occupancy. Renovations have already been completed on about 64% of units, supporting higher in-place rents, while the remaining units provide room to continue interior standardization.
The portfolio is located at 3909 Hubbell Avenue in Des Moines, Iowa. It benefits from a workforce-oriented housing profile and an in-place tenant base that is performing well operationally.
For buyers or investors seeking a stabilized multifamily asset with a partially executed interior renovation program, Cypress I & II offers a clear path to further build out the same renovation approach across the remaining units.
The portfolio is located at 3909 Hubbell Avenue in Des Moines, Iowa. It benefits from a workforce-oriented housing profile and an in-place tenant base that is performing well operationally.
For buyers or investors seeking a stabilized multifamily asset with a partially executed interior renovation program, Cypress I & II offers a clear path to further build out the same renovation approach across the remaining units.
Key Highlights
- 108‑unit multifamily portfolio in Des Moines, IA, built in 1978–1979
- Approximately 96% current occupancy, outperforming the ~91% submarket average
- Almost exclusively 2‑bedroom units, averaging about 860 SF
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.41M | $15.72 |
| − Vacancy | −$50.6k | −$0.57 |
| EGI | $1.36M | $15.15 |
| − OpEx | −$609.9k | −$6.82 |
| NOI | $745.5k | $8.33 |
89,440 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$10.65M
$9.32M – $12.42M
NOI $745,460 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.03M
$19.27M – $25.70M
NOI $1,541,917 @ 7.0% cap · market cap 16.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Yawah Cleaning Services
(Bike/Boat/Book/etc) Store
Adelaide's T Avon ...
Cosmetic Store
Adelaide's T Beauty ...
(Bike/Boat/Book/etc) Store
FAQs
What type of property is this?
Apartment building - 108-unit multifamily portfolio with 64% renovated two-bedroom units and approximately 96% current occupancy.
Where is this apartment building located?
The property is located at 3909 Hubbell Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $9,250,000.
What are key features of this property?
This property features: 108‑unit multifamily portfolio in Des Moines, IA, built in 1978–1979; Approximately 96% current occupancy, outperforming the ~91% submarket average; Almost exclusively 2‑bedroom units, averaging about 860 SF
